To the Editor,
Another corporate-funded private think-tank, the Fraser Institute, is spewing the evils of taxation.
If we only paid fewer taxes, we would have more money to spend on ourselves, have more freedom and the economy would benefit from such policies.
Well, as anybody with a pulse knows, the general public pays higher taxes because the corporations have been contributing less to the country's treasury for decades.
If we don't pay higher taxes, because the businesses won't, who will?
In 2012, “Corporate Tax Freedom Day” was at the end of January. According to Fraser Institute, our “Tax Freedom Day” wasn't until June 11.
Federal corporate tax rates were 41per cent in 1961. As of 2013, they are now 15 per cent.
Corporate income taxes in 2012 amounted to only 7.85 per cent of all government revenues, down from 10.1 per cent in 2000, and an average of 11 per cent in the 1960s and 70s.
Business investment in research and development has fallen from 1.13 per cent of GDP in 2000 to 0.88 per cent of GDP in 2012.
Investment in employee training and skills development is down by 40 per cent since the 1990s.
Their after tax profit margins rose from 6.9 per cent in 2000 to 8.1 per cent in 2012
Between 2000 and 2012, the total cash reserves of private, non-financial private corporations in Canada grew from $182 to $541 billion, an increase of over 300 per cent.
The average CEO compensation at Canada's largest non-financial corporations was 171 times the average Canadian worker's salary in 2012.
From 1975-2013, the minimum wage, adjusted for inflation, has remained flat.
What is the Fraser Institute anyway? Do they hope to starve the government of funds in an effort to end all the programs we Canadians depend on. After all, as their above statement reveals, government involvement is not part of its vision for our country.
As American physician, poet, professor, lecturer, and author Oliver Wendell Holmes once claimed, “Taxes are what we pay for civilized society.”
David A. McGregor